Bitcoin is in the middle of an astounding price drop, reaching prices as low as $3,520 in recent days and wiping out all gains from coins purchased this year.
As of right now, the price is hovering around $3,900, a 40% drop from two weeks ago.
The result is the worst price drop since April 2013, refreshing old doubts about the soundness of bitcoin as an investment vehicle.
It’s a dramatic turn from 2017, when the value passed $15,000 in the beginning of December to peak just below $20,000.
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After that, prices plummeted. By January of this year, it lost half of its peak value, and continued to drop. The drop has been particularly dramatic in the last couple of weeks.
